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U.S. Agency to Debt Collectors: No More Abusive Practices


debt_collector.10171337_stdIt’s time to say good by to abusive debt collectors!

You’ve got rights as a consumer and the top consumer watchdog, Federal Trade Commission, officially put debt collectors on notice last Wednesday, advising companies in special bulletins that they will be held accountable for illegally collecting a consumer’s debts.

If you are in debt, this does not give these collection agencies the right to disrespect or malign you for it. They are in the first place in business because of customers like you.

So you should know your right too as a consumer. These collection agencies have no right to treat you unfairly and to deceptively inform you of consequences.

On Wednesday, the CFPB published two bulletins for the debt collection industry.

The first bulletin affirms that any entity subject to the Consumer Financial Protection Act of 2010, whether a third-party collector or a creditor collecting its own debts, can be “held accountable for any unfair, deceptive, or abusive practices in collecting a consumer’s debts.”

The second bulletin warns companies to avoid deceptive statements concerning the impact of paying a debt on a consumer’s credit score, credit report, or creditworthiness.

Read more on U.S. Agency to Debt Collectors: No More Abusive Practices | ecreditdaily.com.

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